Enterprise Financial Services (EFSC), the parent of Enterprise Bank & Trust, and Trinity Capital (TCC), the parent of Los Alamos National Bank (LANB), have agreed to merge operations in a deal valued at nearly $213m.

Under the terms of the agreement, TCC shareholders will receive 0.1972 EFSC common stock shares and $1.84 in cash for each share held. The combined group will have nearly $7bn in assets.

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As part of the deal, TCC directors Tony Scavuzzo and James Deutsch will be appointed to EFSC’s board.

TCC president and CEO John Gulas said: “We are pleased to join with Enterprise particularly due to an admiration for their diverse business model as well as their commitment to serving their clients.

“We believe the complementary strengths of this combined organisation will provide a stronger future for our customers, associates and the communities we serve.”

The deal is expected to be completed early next year, subject to regulatory and shareholder approvals. It has already secured the green light from the two companies’ boards.

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EFSC president and CEO Jim Lally said: “LANB has a deep history and commitment to their employees, customers and communities that is demonstrated by a dominant market share and extraordinary customer loyalty.

“Enterprise has a similar philosophy of supporting its communities, and encouraging its employees to do the same.

“We believe this combination of like cultures positions us to better serve all our constituents for the foreseeable future.”

Headquartered in New Mexico, TCC has nearly $1.3bn in assets, $714m in loans, and $1.1bn in deposits. LANB has six offices in Los Alamos, Santa Fe and Albuquerque, New Mexico.